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GROWTHPOINT PROP LTDGROWTHPOINT PROP LTDGROWTHPOINT PROP LTD

GROWTHPOINT PROP LTD

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GRT trade ideas

IS THE CORRECTION COMPLETE OR WILL WAVE 5 COMPLETE FIRST?Growthpoint Properties is a diversified property investment holding company incorporated and registered as a public company on 12 October 1987. Growthpoint shares are listed for sale under the Financial Services Real Estate Investment Trust sector of the Johannesburg Stock Exchange (JSE), and the group is today one of the biggest players within the sector. The company boasts a portfolio of 525 properties which provide 6.7 million m² of retail, office and industrial space to leading businesses in South Africa and Australia. They also have a majority stake in 53 Properties which are valued at R22 billion. One of Growthpoint‘s biggest investments is a 50% stake in the properties at Cape Town’s V&A Waterfront, valued at R6.8 billion. Technicals As you can see on the chart above, there was a spike down to the 50% Fib retracement level as indicated with the red arrow. This is a strong level of support and the rally from there could continue on upwards if this is the formation. I would not be surprised to see wave 5 complete to the 61.8% Fib retracement level before we see the break to the upside but due to the break of the structure at the top of wave 4, it is also possible that the rally will occur soon.
JSE:GRT
by Linton_White
Potential buying opportunity on GrowthPoint propertiesGrowthpoint Properties has formed a bullish inverted Head & Shoulders formation over the last couple of days. We broke above the neckline yesterday which triggered the long entry. The market has been kind enough to provide a second opportunity to enter on a retest of the neckline @ 24.00. We have tested the R24.00 level this morning and held so far, and hope to see the stock gain some momentum now to move to the formations target of R25.00
JSE:GRTLong
by MarcoOlevano